Digitalising the insurance industry

Mon, Sep 09, 2019 - 5:50 AMAccording to Ms Koo, getting to this stage has not been easy, citing the shortage of talent as one key hurdle she has faced. She only noticed the situation improving when CXA Group obtained funding. Even then, she says that there is still a shortage of individuals with more modern and relevant skill sets.IN today's hyper-connected world, much of our lives revolve around our smartphones, from calling a cab to booking your next getaway.

She suggested that the company consider investing in technology so that it could do so. Her bosses rejected that idea and she thus founded CXA Group in 2013 with S$5 million of her life savings, coupled with a S$5 million loan from DBS, seeking to modernise the insurance industry. Employees are able to purchase offerings by drawing down on existing insurance policies provided by their employers and using funds that are then released into the platform's eWallet to make transactions cashless, fast and easy.

While CXA Group declined to reveal its revenue figures, the startup projects that it will almost double its revenue this year, compared to 2018. Putting the numbers aside, Ms Koo stressed that getting to this stage has not been easy, citing the shortage of talent as one key hurdle she faced.

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